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PIERRE, S.D. – The United States Bureau of Economic Analysis (BEA) released its estimated gross domestic product (GDP) by state for the first quarter of 2018. The estimates show South Dakota has the third highest growth rate in the nation, trailing only Washington and Utah, respectively. South Dakota grew by 3.1 percent.

“South Dakota’s annual GDP is now estimated to be in excess of $51 billion,” said Gov. Dennis Daugaard. “We’re enthused about the first quarter results and hopeful the growth will continue throughout 2018.”

According to the BEA report, strong showings from South Dakota’s production agriculture, finance/insurance and manufacturing industries helped propel the state’s 3.1 percent growth during the period.

Figures for the second quarter will be made available in November 2018.